The Essential Guide To Bitget MegaSwap
The Essential Guide To Bitget MegaSwap
Bitget MegaSwap opens the door to the decentralised world of finance, with more than 5000 assets on ETH and BNB Chain available for instantaneous swap. This article will walk you through the basics of MegaSwap and of course a detailed tutorial to help you get on board immediately.
Bitget has positioned itself as the unequalled crypto hub since its inception in 2018. Now the leading platform for digital assets, Bitget offers an amazing variety of products and services, including:
- Bitget USDT-Margined Future
- Bitget USDC-Margined Futures
- Bitget Coin-Margined Futures
- Bitget Spot Trading
And they all fall under the scope of centralised finance (CeFi). Unstoppable as we are, Bitget has also expanded our services to the DeFi sector with Bitget Savings, BGB Earn and Bitget Launchpad. Bitget MegaSwap is the latest addition to the mix, aiming to bring the famous, high-performance model of decentralised finance to our users.
Bitget MegaSwap Introduction
Crash course on Automated Market Maker (AMM)
AMM can be considered a permissionless version of the traditional order book (the one used for Bitget USDT-Margined Futures, Bitget USDC-Margined Futures, Bitget Coin-Margined Futures, Bitget Spot Trading,..). The traditional order book requires the compilation of all buy and sell orders at e ach price point, which are then sorted and matched fittingly.
AMM takes advantage of on-chain liquidity pools. Same assets are collected into one pool; buyers and sellers will interact with these pools, and prices will be determined by a mathematical formula. Obviously, more people agreeing to provide tokens for the pools will equal better liquidity, but records of trading activities on exchanges are usually more intense than those of liquidity providers.
Effectively combining the best features of CEXs and DEXs
Bitget MegaSwap is the advanced DeFi aggregator, meaning that Bitget MegaSwap gathers liquidity from a wide range of trading pools for the bes t price and lowest fees possible. More blockchains will be introduced in the coming months; however, users can already access more than 5000+ tokens on Ethereum and BNB Chain without having to hold ETH or BNB to pay for gas fees.
Users simply have to transfer funds from their existing Bitget account to the MegaSwap account, which does not incur any fees (all internal transfers are free!). After successful purchases of tokens via Bitget MegaSwap, users can deliberately trade them on Bitget Spot Trading or transfer to other hot wallets.
Beginners can rest assured that they do not have to go through the arduous process of setting up a new Web3 wallet. Thanks to Bitget’s high security standards, everything can take place within the vibrant Bitget Ecosystem, saving time, effort and of course equities.
Bitget MegaSwap Tutorial
Similar to other Bitget products, Bitget MegaSwap is designed to avoid all possible confusion for our users. You’ll need to complete two steps only (don’t forget to register your Bitget account first!), one is to transfer funds to your MegaSwap account and the next step is to complete your swap. Let’s see how!
For web users
(1) Transferring funds to MegaSwap account
It should be as simple as transferring funds to your Futures account.
Step 1: Go to Asset.
Step 2: Click on Transfer.
Step 3: Choose the destination of funds. Click on the drop-down menu as shown below and choose Swap.
Step 4: Enter the amount of funds you wish to transfer and Confirm.
(2) Complete your swap
Step 1: Move your pointer to Spot on the navigation bar and it’ll show MegaSwap. Click on MegaSwap and you’ll be taken to the MegaSwap page as below:
Step 2: Now choose your trading pair. The token above is the token you want to sell, and the token below is the one to buy. The example shows that user is selling ETH to buy MILK.
Step 3: Enter the amount of tokens you want to exchange. If you enter the amount for ETH like the user in our example, the system will automatically show the amount of MILK you can get. You can enter the amount of MILK you want to purchase, the system will calculate how much ETH is required and show you the result.
Step 4: Check the exchange rate, transaction fee and slippage. You’ll be shown which pool you are interacting with, in this case Uniswap V2.
Step 5: Confirm the transaction. Click on View Details if you want review your transaction again, and wait for the tokens to arrive in your MegaSwap account!
For mobile users
(1) Transferring funds to MegaSwap account
Step 1: Go to Asset.
Step 2: Click on Transfer.
Step 3: Choose the destination of funds. Click on the drop-down menu as shown below and choose Swap.
Step 4: Enter the amount of funds you wish to transfer and Confirm.
(2) Complete your swap
Step 1: Go to Spot on the navigation bar and it’ll show MegaSwap. Click on MegaSwap and you’ll be taken to the MegaSwap page as below:
You can also go to markets and find MegaSwap next to the Spot section. Switch between Trends, Top Gainers and New Listings to find your preferred trading pair.
Step 2: Now choose your trading pair. The token above is the token you want to sell, and the token below is the one to buy. The example shows that user is selling BNB to buy USDT.
Step 3: Enter the amount of tokens you want to exchange. If you enter the amount for BNB like the user in our example, the system will automatically show the amount of USDT you can get. You can enter the amount of USDT you want to purchase, the system will calculate how much BNB is required and show you the result.
Step 4: Check the exchange rate, transaction fee and slippage. You’ll be shown which pool you are interacting with, in this case FstSwap.
Step 5: Confirm the transaction. Click on View Details if you want review your transaction again, and wait for the tokens to arrive in your MegaSwap account!
Notes
- Price slippage will be automatically set by the system so that to minimise the price impact. Advanced traders can manually enter their preferred level of slippage to ensure the success of the transaction.
- When users review the transaction details, they will be able to see the transaction ID (txid) of their purchase. To check the status of the transaction, users need to copy the txid and search for it here: Etherscan (for ERC-20 tokens) and BSCScan (for BEP-20 tokens).
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